Charity Number: NIC 101512
Company Number: NI 026947
SPRINGVALE TRAINING LIMITED

SPRINGVALE TRAINING LIMITED
REPORT OF THE DIRECTORS AND FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2025
TABLE OF CONTENTS
Page
Company Information
3
Trustees' Annual Report (including the Directors' report)
4-10
Independent Auditor's Report to the members
11-14
Statement of Financial Activities (including income and expenditure account)
Statement of Financial Position
16
Statement of Cash Flows
17
Notes to the Financial Statements
18-25
2

•
SPRINGVALE TRAINING LIMITED
COMPANY INFORMATION
Company registration number
Charity registration number
Directors and trustees
Secretary
Registered office
Auditors
Bankers
Solicitors
NI 026947
NIC 101512
Harry Mark Connolly
Therese McKernan
John McCavana - (Appointed 31 May 2024)
Michael O'Hara - (Appointed 1 November 2024)
Seamus O'Prey - (Resigned 1 June 2024)
Donal McKinney
200 Springfield Road
Belfast
BT12 7DR
Jones Peters
Registered Auditors
Chartered Accountants
6 Church Street
Banbridge
BT32 4AA
Bank of Ireland
202 Andersonstown Road
Belfast
BT11 9EB
Edwards & Co. Solicitors
28 Hill Street
Belfast
BT1 2LA
3

•
SPRINGVALE TRAINING LIMITED
TRUSTEES' ANNUAL REPORT (INCLUDING THE DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2025
Report of the Trustees for the year ending 31 March 2025
The trustees, who are also directors for the purposes of company law, present their report and the financial
statements of the charity for the year ending 31 March 2025.
Chair's report
During the course of the year our teams have continued to develop the main programmes that help our students
realise their potential from course participation. Youth training schemes hold significant importance for several
reasons, contributing to the development of individuals, communities, and societies as a whole. Training
schemes offer added value in many interconnected ways:
• Skill Development: Our training schemes provide young people with the opportunity to acquire valuable
skills that are essential for future employment. These skills can range from technical and vocational skills
to soft skills like communication, teamwork, problem-solving, and time management.
• Employability: By equipping young individuals with relevant skills and experience, training schemes
enhance their employability. This helps bridge the gap between education and employment, making it
easier for youth to transition into the workforce.
• Reducing Unemployment: Youth unemployment can be a significant challenge. Training schemes
address this issue by preparing young people for the job market, increasing their chances of finding
employment and thereby reducing the unemployment rate.
• Empowerment: Training schemes empower young individuals by instilling confidence, self-esteem, and
a sense of accomplishment. This empowerment can positively impact various aspects of their lives,
fostering personal growth and well-being.
• Economic Growth: A skilled and productive youth population contributes to economic growth. As young
people become better prepared for the workforce, they contribute to increased productivity, innovation, and
overall economic development.
Social Inclusion: Youth training schemes promote social inclusion by providing opportunities 1
isadvantaged or marginalized voung individuals who might otherwise be left out of the mainstream Jo
market. This inclusivity helps reduce disparities and promote a more equitable society.
• Reducing Poverty: By enabling young people to secure gainful employment, training schemes contribute
to poverty reduction. When young individuals have the means to support themselves, they are less likely
to fall into poverty.
• Long-term Career Success: Training schemes not only prepare young people for immediate employment
ut also set the foundation for long-term career success. The skills and knowledge gained through thes
rograms can help individuals adapt to changing job market demands and advance in their careers
Social Stability: Providing avenues for skill development and employment helps prevent social unrest and
instability that can arise from high levels of youth unemployment. Engaged and employed youth are more
likely to contribute positively to their communities.
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SPRINGVALE TRAINING LIMITED
TRUSTEES' ANNUAL REPORT (INCLUDING THE DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2025
• Talent Retention: Belfast like many places face the challenge of 'brain drain' where talented young
individuals migrate elsewhere for better opportunities. Effective youth training schemes can encourage
them to stay and contribute to the development of their own countries.
• Investment in Human Capital: Youth training schemes represent an investment in the human capital of
an area. When areas invest in the education, training, and development of their youth, we are investing in
a brighter future with a skilled, capable and young workforce.
Investing in youth training schemes, apprenticeships, skills development, and promoting positive educational
outcomes is an investment not only in individual lives but also in the prosperity and resilience for our whole
area. By ensuring that young people have the tools they need to succeed, we pave the way for a brighter future
for everyone.
Principal Activity
Established in 1992, Springvale Training Ltd (STL) has provided training and employment programmes, and
programmes with an emphasis on personal and social development, to young people and adults particularly
throughout North and West Belfast for the past 33 years.
Objectives and activities:
Springvale Training is established for the promotion for the public benefit of urban regeneration in Greater
Belfast area and further afield by (some or all of the following means:
1.1 the relief of unemployment in such ways as may be thought fit including assistance to find employment.
1.2
the advancement of education training or retaining, particularly among unemployed people and providing
unemployed people with work experience.
1.3
the provision of financial assistance, technical assistance or business advice or consultancy in order to
provide training and employment opportunities for unemployed people in cases of financial or other
charitable need through help:
1.3.1 in setting up their own business;
1.3.2 to existing businesses.
The Trustees pay due regard to guidance issued by the Charity Commission in deciding what activities the
charitable company should undertake.
We do this by providing vocational training and educational opportunities under programmes funded by the
Department for the Economy to assist marginalised young people into work:
Our key programmes are:
i)
Training for Success (TFS): This government programme provides vocational training to school
leavers at Levels 1 and or 2 in the areas of: plumbing, joinery, electrical, computer technology, digital
media, hair and barbering, beauty, catering, and hospitality. Trainees also achieve improved educational
outcomes in ICT, literacy, numeracy, employment skills and personal and social development.
ApprenticeshipsNI: This is a government funded programme for young people aged between 16 and
24, who meet the funding eligibility criteria. The eligible employee completes a qualification tailored
to their job role and receives accredited industry recognised qualifications at either Level 2 or Level 3.
Springvale has been delivering apprenticeships to the wider community for over a decade.
5

SPRINGVALE TRAINING LIMITED
TRUSTEES' ANNUAL REPORT (INCLUDING THE DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2025
iii)
UK Shared Prosperity Fund
skills of participants and prepare them for work. Phase one focuses on personal development and the
reduction of personal barriers to employment. Phase two develops the educational attainment and skill
development of young people who will complete qualifications in IT, numeracy, employability and
healthy lifestyles. During phase three, participants undertake an employment academy in their chosen
field which will include industry specific training. Finally, in phase four, participants will complete a
four-week work placement with a local employer.
Achievements and performance:
Training for Success and ApprenticeshipsNI:
The company engaged with 440 learners on the Training for Success and Apprenticeship NI programmes. The
achievement and outcomes from these programmes in the last twelve months include:
• The retention rate in March 2025 for Skills for Life programme is good at 75%;
The retention rates in March 2025 for APPNI are good at 74% for L2 and 86% for L3;
• 44 young people progressed onto further education, employment, or a higher level;
32% of the above young people found work/progressed into employment; and
53 essential skills qualifications achieved in literacy, numeracy, and ICT
Communities in Transition
The work ready CIT has 55 participants in work placement roles.
Quality Awards:
Springvale Training once again successfully secured ISO 9001:15th January 2026 certification.
Structure, Governance and Management
Governing Document
Springvale is a company limited by guarantee registered in Northern Ireland. The company is governed by a
Memorandum and Articles of Association. The company's objectives are charitable in nature and it has
established charitable status.
The charity's activities are managed by the trustees though the Board of Trustees/Directors. The sole member
of the company is Upper Springfield Development Trust Limited and Springvale Training Limited is therefore
a charitable subsidiary of USDT.
6

SPRINGVALE TRAINING LIMITED
TRUSTEES' ANNUAL REPORT (INCLUDING THE DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2025
Trustees' Appointment and Training
The trustees recruit and select new trustees as set out in the governing document. The Board recruits nev
trustees with regards to skills' gaps and the potential of the new members to make a real contribution to th
charity's overall governance.
We predicate trustees' appointments on our organisational values and make new members aware of their legal
reaponsibitics, organisationa tour, decision embing processes and ur overie Financs Our ormal,
induction provides new board members with the information and training they need to take up their
appointment as effectively as possible.
FINANCE, PAY AND REMUNERATION
Springvale Training Limited operates robust financial procedures in place which the Board regularly review
and independently assess. We have clear financial management systems to ensure effective and appropriate
use of spend; administering resources cost-effectively, transparently and accountably with clear audit trails.
All Board members give their time freely and no trustee received any remuneration during the year.
The Board base the senior staff team's pay on the NJC Salary Scales as a guide to appropriate remuneration
for all staff pay. Pay levels are currently subject to annual increments or cost of living expenses.
ORGANISATIONAL STRUCTURE
The Board administers the charity and normally meets 11 times in the year. As part of its structure the Board
operates three sub committees: finance, audit and risk; human resources, and remuneration. The Board appoint
a chief executive to manage the charity's day to day operations. To ensure effective daily management the
chief executive has delegated authority through the Board's approval for operational matters including finance,
employment and direct charitable activities.
Risk management
Our approach to the management of risk is informed by the need to ensure that the risks inherent in the pursuit
of our objectives are understood, will be manageable if realised, and that appropriate mitigation measures are
planned or in place. Responsibility for the management of specific risks is carried by named individuals and
groups, but the highest level risks, those that have a direct bearing on the Springvale Training Limited's
capacity to achieve its strategic objectives, are managed by the senior management team. The Springvale
Training Limited's finance and audit risk committee plays an active role in risk monitoring and have a risk
management strategy that comprises:
• An annual review of the principal risk and uncertainties that the charity takes;
• The establishment of policies, systems and procedures to anticipate risks in the annual review; and
• The implementation of procedures designed to minimise or manage any potential impact on the charity
should those issues materialise.
7

SPRINGVALE TRAINING LIMITED
TRUSTEES' ANNUAL REPORT (INCLUDING THE DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2025
Financial Risks: The organisation exposes itself to a variety of financial risks. Measures to mitigate this
risk include strong budgetary management and cost control and proactive negotiations with tenants and key
stakeholders.
Health and Safety Risks: The Trustees recognise the importance of safety in all of our services. Springvale
Training Limited implements robust systems and structures to ensure all health and safety regulations are
complied with.
Legal and Regulatory Risks: The charity is required to comply with a wider range of legal and regulatory
obligations. Policies and procedures are in place to ensure compliance with these obligations, however, there
inevitably remains a residual risk of an operational failure resulting in a breach of these obligations.
Insurable Risks: The organisation incurs exposure to employer, public and property damage liability by virtue
of the nature of its operations. While a strong emphasis is placed on health and safety and risk management
practices to avoid liability arising, insurance cover is maintained to mitigate the financial impact from such
events.
Performance Risks: There is a risk that the high quality of our services may not be maintained and we perform
below the expectations of our funders as
set out in their service level agreements. The trustees monitor
performance on an ongoing basis and have implemented annual service audit programmes as well as staff and
service user surveys to provide them with assurance in this regard.
Financial Review and Results for the Year
Financial Review
Incoming resources have increased from f2,299,586 in the year ended 31 March 2024 to £2,953,025 in the
year ended 31 March 2025. Resources expended on charitable activities has increased from £2,428,116 to
€2,875,140 in the year ended 31 March 2025. As a result, net incoming resources amounted to f77,885 for the
year ended 31 March 2025(2024: (£128,530)). The results for the year are set out in Statement of Financial
Activities on page 15 and in the related notes.
The company has net assets of £1,105,017 at 31 March 2025(2024: £1,027,132) as detailed on the Statement
of Financial Position on page 16.
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SPRINGVALE TRAINING LIMITED
TRUSTEES' ANNUAL REPORT (INCLUDING THE DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2025
Reserves Policy and Going Concern
At 31 March 2025 free reserves amounted to f252,743 of which £90,000 has been designated, to cover costs
On an ongoing basis the trustees believe there are sufficient reserves to meet the normal working capital
operational existence for the foreseeable future and for this reason they continue to adopt the going concern
basis in preparing the financial statements. Further details regarding the adoption of the going concern basis
can be found in the accounting policies.
Plans for the future
The following are Springvale's immediate plans:
• Prepare new Springvale strategic plan 2025 to 2028;
• Submit tender for the new Training for Life programme;
• Submit tender for the new AppsNI programme;
• Secure ownership of the building;
Trustees' Responsibility Statement
The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees
report and the financial statements in accordance with applicable law and United Kingdom Accountin
Standards (United Kingdom Generally Accepted Accounting Practice)
Company law requires the charity trustees to prepare financial statements for each year which give a true and
fair view of the state of affairs of the charitable company and the incoming resources and application of
resources, including the income and expenditure, for that period.
In preparing these financial statements, the trustees are required to:
• select suitable accounting policies and then apply them consistently;
• observe the methods and principles in the applicable Charities SORP;
• make judgements and accounting estimates that are reasonable and prudent;
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
charity will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain
he charity's transactions and disclose with reasonable accuracy at any time the financial position of the charit
und enable them to ensure that the financial statements comply with the Companies Act 2006. They are als
responsible for safeguarding the assets or the charity and hence for taking reasonable steps for the prevention
and detection of fraud and other irregularities.
9

SPRINGVALE TRAINING LIMITED
TRUSTEES' ANNUAL REPORT (INCLUDING THE DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2025
Each of the persons who is a trustee at the date of approval of this report confirms that:
• so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware;
• they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant
audit information and to establish that the charity's auditor is aware of that information.
The auditor is deemed to have been reappointed in accordance with Section 487 of the Companies Act 2006.
Small company provision
This report has been prepared in accordance with the provisions applicable to companies entitled to the small
companies' exemption.
This report was approved by the board on 5 November 2025 and signed on its behalf by:
Therese McKernan - Chair
10

SPRINGVALE TRAINING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
SPRINGVALE TRAINING LIMITED
FOR THE YEAR ENDED 31 MARCH 2025
Opinion
We have audited the financial statements of Springvale Training Limited (the 'charity') for the year ended
31 March 2025 which comprise the statement of financial activities (including income and expenditure account)
statement of financial position, statement of cash flows and the related notes, including a summary of significant
accounting policies. The financial reporting framework that has been applied in their preparation is applicable
law and the United Kingdom Accounting Standards including FRS 102 The Financial Reporting Standard
applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• give a true and fair view of the state of the charity's affairs as at 31 March 2025 and of its incoming resources
and application of resources, including its income and expenditure, for the year then ended;
• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
• have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on. Auditing (UK) (ISAs (UK)) and applicable
law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit
of the financial statements section of our report. We are independent of the charitable company in accordance
with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the
FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these
requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or
conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a
going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the
relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements
and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the
financial statements does not cover the other information and, except to the extent otherwise explicitly stated in
our report, we do not express any form of assurance conclusion thereon.
11

SPRINGVALE TRAINING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
SPRINGVALE TRAINING LIMITED
FOR THE YEAR ENDED 31 MARCH 2025
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• the information given in the trustees'
report for the financial year for which the financial statements are
prepared is consistent with the financial statements; and
• the trustees' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the
audit, we have not identified material misstatements in the trustees' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires
us to report to you if, in our opinion:
• adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or
• the financial statements are not in agreement with the accounting records and returns; or
• certain disclosures of trustees' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
• the trustees were not entitled to prepare the financial statements in accordance with the small companies'
regime and take advantage of the small companies' exemption in preparing the trustees' report and from the
requirement to prepare a strategic report.
Responsibilities of trustees
As explained more fully in the trustees' responsibilities statement, the trustees, (who are also the directors for the
purposes of company law), are responsible for the preparation of the financial statements and for being satisfied
that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable
the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease
operations, or have no realistic alternative but to do so.
12

SPRINGVALE TRAINING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
SPRINGVALE TRAINING LIMITED
FOR THE YEAR ENDED 31 MARCH 2025
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these financial statements.
Extent to which the audit was capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and
assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or
error, and discussed these between our audit team members. We then designed and performed audit procedures
responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our
opinion.
We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing
on those laws and regulations that have a direct effect on the determination of material amounts and disclosures
in the financial statements. We assessed the required compliance with these laws and regulations as part of our
audit procedures on the related financial statement items. In addition, we considered provisions of other laws
and regulations that do not have a direct effect on the financial statements but compliance with which might be
fundamental to the charity's ability to operate or to avoid a material penalty. We also considered the opportunities
and incentives that may exist within the charity for fraud.
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations
to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud,
to be within the timing and completeness of recognition of grant and contract income and major donations and
the override of controls by management. Our audit procedures to respond to these risks included enquiries of
management and the Audit Committee about their own identification and assessment of the risks of irregularities,
testing of a sample of transactions against the terms of the funding agreements and the requirement of the Charities
SORP (FRS102), sample testing on the posting of journals, reviewing accounting estimates for biases and reading
minutes of meetings of those charged with governance.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some
material misstatements in the financial statements, even though we have properly planned and performed our
audit in accordance with auditing standards. In addition, as with any audit, there remained a higher risk of non-
detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or
the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected
13

SPRINGVALE TRAINING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
SPRINGVALE TRAINING LIMITED
FOR THE YEAR ENDED 31 MARCH 2025
A further description of our responsibilities for the audit of the financial statements is located on the Financial
Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our
Auditor's Report.
We also communicated relevant identified laws and regulations and potential fraud risks to all audit team members
and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional
scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by the trustees.
We communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
Use of our report
This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the
Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those
matters we are required to sate to them in an auditor's report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's
members as a body, for our audit work, for this report, or for the opinions ye have formed.
Paul Cummings (Senior Statutory Auditor)
Hughes House
6/7 Church Street
Banbridge
BT32 4AA
5 November 2025
For and on behalf of Jones Peters
Chartered Accountants and
Statutory Auditors
14

SPRINGVALE TRAINING LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
(INCLUDING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 MARCH 2025
Unrestricted
Note
Funds
Restricted
Funds
31 March
2025
31 March
2024
Income
Income from charitable activities:
Grants and contracts
Activities for generating funds
Other income
Total income
Expenditure
Expenditure on charitable activities
Total expenditure
Net income/(expenditure) and net
movement in funds for the year
Reconciliation of funds
Total funds brought forward
Total funds carried forward
5a
5b
5c
1,429,380
147,383
31.528
1,608,291
1,344,734
-
1,344.734
2,774,114
147,383
31,528
2,953.025
2,194,103
74,857
30,626
2.299.586
6
1,530,406
1.530,406
77,885
1.344.734
1,344,734
2,875,140
2,875,140
77,885
2.428,116
2.428.116
(128,530)
15
15
1.027,132
1,105,017
1,027,132
1,105,017
1,155,662
1,027,132
The statement of financial activities includes all gains and losses recognised in the year. All income and
expenditure derives from continuing activities.
The notes on pages 18 to 25 form an integral part of these financial statements.
15

SPRINGVALE TRAINING LIMITED
STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025
Fixed assets
Tangible assets
Current assets
Debtors
Cash at bank and in hand
Creditors:
Amounts falling due
within one year
Net current assets
Net assets
The funds of the charity:
Unrestricted funds
Restricted funds
Total charity funds
Note
Note 31032025
11
13
15
852,274
362,961
131.708
494,669
(241.926)
252,743
1,105,017
1, 105,017
1,105,017
* 31/03/2024
905,610
404,607
20,262
424,869
(303,347)
_121.522
1,027,132
1,027,132
1.027,132
These financial statements have been prepared in accordance with the provisions applicable to companic
ubject to the small companies regim
The financial statements were approved and authorised for issue by the board of trustees on 5 November 2025
and signed on its behalf by:-
Therese McKernan - Trustee Jhers, MKeron, Michael O' Hara - Trustee WichaelO HeRa
Registration Number: NI026947
The notes on pages 18 to 25 form an integral part of these financial statements.
16

•
SPRINGVALE TRAINING LIMITED
STATEMENT OF CASH FLOWS
YEAR ENDED 31 MARCH 2025
2025
Cash flows from operating activities
Surplus/(Deficit) for the financial year
Adjustment for:
Depreciation of tangible assets
Interest payable and similar expenses
Changes in:
Trade and other creditors
Trade and other debtors
Cashflow generated/(used in) from operating activities
Interest paid
Net cash inflow/(outflow) from operating activities
Cash flows from investing activities
Purchase of tangible assets
Net cash used in investing activities
Net increase/decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
77,885
53,797
362
41,646
(61.421)
112,269
(362)
111,207
(461)
_(461)
111,446
20,262
131,708
17
2024
€
(128,530)
52,800
587
(66,050)
154,331
13,138
587)
12,551
(28,299)
(28,299)
(15,748)
36.010
20,262

1.
3.
SPRINGVALE TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
GENERAL INFORMATION
The charity is a public benefit entity and a private company limited by guarantee, registered in Northern
Ireland and a registered charity in Northern Ireland. The address of the registered office is 200
Springfield Road, Belfast, BT12 7DR.
STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting
Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice
applicable to charities preparing their accounts in accordance with the Financial Reporting Standard
applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 201)) and the Charities
Act (Northern Ireland) 2008.
Springvale Training Limited meets the definition of a public benefit entity under FRS 102.
ACCOUNTING POLICIES
The principal accounting policies are summarised below. The accounting policies have been applied
consistently throughout the year and the preceding year.
3.1
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the
revaluation of certain financial assets and liabilities and investment properties measured at fair
value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
3.2
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements,
estimates and assumptions that affect the amounts reported. These estimates and judgement
are continually reviewed and are based on experience and other factors, including expectation:
of future events that are believed to be reasonable under the circumstances.
3.3
Going concern
The charitable group had free reserves of £252,743 and net assets of £1,105,017 at the year
The trustees have considered the financial position of the company and the financial budgets
group will continue to operate.
The trustees believe that there are no material uncertainties about the ability of the charity to
continue in operational existence and the financial statements have been prepared on a going
concern basis.
18

3.4
3.5
3.6
SPRINGVALE TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the
charity's purposes.
(ii) Designated funds are unrestricted funds earmarked by the trustees for particular future
project or commitment.
(iii) Restricted funds are subjected to restrictions on their expenditure declared by the donor or
through the terms of an appeal, and fall into one of two sub-classes: restricted income funds
or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has
passed to the charity; it is probable that the economic benefits associated with the transaction will
flow to the charity and the amount can be reliably measured. The following specific policies are
applied to particular categories of income:
•
income from donations or grants is recognised when there is evidence of entitlement to the
gift, receipt is probable and its amount can be measured reliably.
•
legacy income is recognised when receipt is probable and entitlement is established.
income from donated goods is measured at the fair value of the goods unless this is
impractical to measure reliably, in which case the value is derived from the cost to the donor
or the estimated resale value. Donated facilities and services are recognised in the accounts
when received if the value can be reliably measured. No amounts are included for the
contribution of general volunteers.
income from contracts for the supply of services is recognised with the delivery of the
contracted service. This is classified as unrestricted funds unless there is a contractual
requirement for it to be spent on a particular purpose and returned if unspent, in which case
it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any
VAT which cannot be fully recovered, and is classified under headings of the statement of
financial activities of which it relates:
expenditure on raising funds includes the costs of all fundraising activities, events, non-
charitable trading activities, and the sale of donated goods.
expenditure on charitable activities includes all costs incurred by a charity in undertaking
activities that further its charitable aims for the benefit of its beneficiaries, including those
support costs and costs relating to the governance of the charity apportioned to charitable
•
other expenditure includes all expenditure that is neither related to raising funds for the
charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs
attributable to a single activity are allocated directly to that activity. Shared costs are apportioned
between the activities they contribute to on a reasonable, justifiable and coincident basis.
19

•
SPRINGVALE TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
3.7
3.8
Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment
Cost includes cost directly attributable to making asset capable of operating as intended
Depreciation
Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at
rates calculated to write off the cost less residual value of each asset on a straight line basis over
3.9
3.10
Long leasehold property
Office equipment
Fixtures and fittings
Computer equipment
Motor vehicles
2%
20%
20%
20%
20%
Straight line
Straight line
Straight line
Straight line
Straight line
Financial instruments
The trust only has financial assets and financial liabilities of a kind that qualify as basic financial
nstruments. Basic financial instruments are initially recognised at transaction value anc
subsequently measured at their settlement value with the exception of bank loans which ar
subsequently measured at amortised cost using the effective interest method.
Defined contribution pension schemes
The pension costs charged in the financial statements represent the contribution payable by the
company during the year.
4.
LEGAL STATUS OF THE COMPANY
Springvale Training Limited is a company limited by guarantee and accordingly does not have a share
capital. The sole member of the company is Upper Springfield Development Trust Limited and UST is
considered to be the parent company of Springvale Training Limited. USDT has undertaken to contribute
such amount as may be required not exceeding f1 to the assets of the charitable company in the event of
it being wound up while it is a member or within one year if it ceases to be a member.
20

•
SPRINGVALE TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
5. INCOME
5a. Income from grants and contracts
APPNI
Communities in Transition
UK Shared Prosperity Fund
Department for Communities
Belfast City Council
Public Health Agency
Open College Network NI
Unrestricted Restricted
Funds
Funds
€
593,265
836,115
32,704
333,153
28,368
847,303
75,164
26,542
1,500
£1,344,734
31/03/2025
31/03/2024
Total Funds
Total Funds
€
€
625,969
349,633
1,169,268
1,209,746
28,368
109,189
847,303
482,228
75,164
31,217
26,542
12,090
1,500
£2,774,114
£2,194,103
£1,429,380
202. 492, 1) and one a 49, 402: 211932 wish 1304,734
Unrestricted
Restricted
Funds
Funds
31/03/2025 31/03/2024
Total Funds
Total Funds
5b. Activities for generating funds
Generated Funds
€
147,383
147,383
74,857
£147,383
£147,383
£74,857
Income from generated funds was €147,383 (2024: €74,857) and was unrestricted in both years.
Unrestricted Restricted
Funds
Funds
31/03/2025 31/03/2024
Total Funds
Total Funds
5c. Other income
Government grants released to the SOFA
31.528
£31,528
31.528
£31,528
Other income in the year amounted to £31,528 (2024: £30,626) of which all was unrestricted.
30,626
£30,626

SPRINGVALE TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
6. EXPENDITURE
Charitable activities
Staff costs
Premises costs
Depreciation
Other operating costs
Programme Delivery
Governance costs (see note 7)
Unrestricted Restricted
31/03/2025
31/03/2024
Funds
Funds
Total Funds
Total Funds
1,141,270
598,797
1,740,067
204,461
53,797
362
:
204,461
53,797
100,212
745.937
362
846,149
30,304
£1,530,406
£1,344,734
30,304
£2,875,140
1,387,654
210,892
52,800
587
721,346
54,837
£2,428,116
Expenditure on charitable activities was f2,875,140 (2024: £2,428,116) of which £1,344,734
(2024: £988,167) was restricted and f1,530,406 (2024: £1,439,949) was unrestricted.
7. ANALYSIS OF GOVERNANCE COSTS Unrestricted Restricted
Funds
Funds
Accountancy and Audit
Legal, Professional and Consultancy Fees
9,960
20,344
£30,304
:
f
31/03/2025
31/03/2024
Total Funds
Total Funds
€
9,960
20,344
£30,304
43,653
11,184
£54,837
8. NET INCOMING RESOURCES FOR THE YEAR
This is stated after charging:
Depreciation
Audit fees
31/03/2025
31/03/2024
$53,797
£9,000
€52,800
$2,000
ANALYSIS OF STAFF COSTS AND TRUSTEE REMUNERATION
31/03/2025
31/03/2024
Staff costs
Social security costs
1,563,350
176.717
€1,740,067
1,253,498
134,156
£1,387,654
No employee had employee benefits in excess of f60,000 (2024: £60,000).
During the year no trustees received any remuneration (2024: Nil) or any benefits in kind (2024: Nil).
22

SPRINGVALE TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
10. STAFF NUMBERS
The average number of full-time equivalent employees during the year were as follows:-
Number of staff
31/03/2025
34
31/03/2024
48
11. TANGIBLE FIXED ASSETS
Property
Cost
At 1 April 2024
875,000
Additions
Disposal
At 31 March 2025
875,000
Office
Fixtures Equipment/ Motor
Equipment and fitings
Computer
Vehicles
138,793
139,737
383,428
269
192
(16,875)
(6.017)
(74,416)
121,918
133.989
309,204
23,437
-
23,437
1,560,395
461
(97,308)
1,463,548
Depreciation
At i April 2024
Charged during the year
Disposal
At 31 March 2025
60,000
17,500
17.500
138,775
18
(16,875)
121.918
128,755
4,552
(6,017)
127,290
305,096
31,467
(74,416
262,147
22,159
260
22,419
654,785
53,797
(97,308)
611,274
Net book value
At 31 March 2025
797,500
6,692
At 31 March 2024
815,000
18
10,982
47,057
78,332
1,018
1,278
852,274
205,610
The basis by which depreciation is calculated are stated in note 3.8.
The long leasehold property is stated at fair value, in accordance with Royal Institution of Chartered
Surveyors (RICS) 'Red Book Global Standards'. The property was valued at 31 March 2022 by Osborne
King, Commercial Property Consultants. The trustees are satisfied that the valuation is still appropriate at
31 March 2025.
12.
DEBTORS
31/03/2025
31/03/2024
Trade debtors
Accrued income
Prepayments
341,055
10,291
11.615
£362,961
397,867
6.740
£404,607

SPRINGVALE TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
13. CREDITORS: Amounts falling due within one year
Accruals and Deferred Income
Deferred credit government grants
Social Security and Other Taxes
31/03/2025
90,443
13,590
58,992
48,922
29.979
$241,226
31/03/2024
61,254
8,460
131,131
80,450
22.052
£303,347
14. FINANCIAL INSTRUMENTS
All financial instruments have been recorded at their transaction price. No other financial instruments exist
other than those included in debtors and creditors.
15. ANALYSIS OF CHARITABLE FUNDS
Analysis of movements in restricted and unrestricted funds
Balance at
1 April 2024
Incoming
Resources
Total Unrestricted Funds
Total Restricted Funds
Total Funds
1,027,132
E.027.132
1,608,291
1,344.734
£2,953,025
Analysis of movements in restricted and unrestricted funds - previous year
Balance at
Incoming
1 April 2023
Resources
Total Unrestricted Funds
Total Restricted Funds
Total Funds
1,150,405
5.257
E1,155,662
1,316,676
982,910
$2,299,586
Outgoing
Resources
1,530,406
1,344,734
£2,875,140
Outgoing
Resources
1,439,949
988,167
E2,428,116
Balance at
31 March 2025
1,105,017
E1.105.017
Balance at
31 March 2024
1,027,132
E1.027,132
24

-
:
SPRINGVALE TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
16.
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted
Analysis of net assets
Funds
xed assets
et current assets/(liabilitie
Fixed assets
Net current assets/(liabilities)
852,274
252.743
E1.,05.017
Unrestricted
Funds
905,610
121.522
£1,027,132
Restricted
Funds
-
Restricted
Funds
31 March 2025
Total
852,274
252.743
£1,105,017
31 March 2024
Total
905,610
121.522
£1.027,132
17.
CORPORATION TAXATION
he charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988
ection 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to i
charitable objects.
18.
CONTINGENT LIABILITY
A contingent liability exists to repay grants received should certain conditions not be fulfilled by the
champled wimpany. lithily is expecte to tes the terms of the letters of offer have been, or will be,
19.
RELATED PARTY TRANSACTIONS
Upper Springfield Development Trust Limited (USDT) is the sole member and is considered to be parent
company of Springvale Training Limited.
Rental payments made by UST Limited to Springvale Training Limited during the period amounted to
£12,636 (2024: £12,357).
Management charges paid to UST amounted to £18,720 (2024: £16,640).
As at 31 March 2025 no monies (2024: NIL) were owed by Springvale Training Limited to Upper
Springfield Development Trust Limited.
25